“Gray” divorces, those marriage dissolutions involving people aged 55 and older, are becoming more common. In fact, studies show that more than a third of those getting divorced in the United States are 50 or older, with 25% of all divorces involving people aged 55 and older.
And these later in life divorces have unique challenges that have to be addressed if bad outcomes are to be avoided. So, if you’re headed for a “gray” divorce, then you need to know what you can do to protect your interests.
Avoid these mistakes in your “gray” divorce
While you’ll want to prepare for your divorce by gathering financial records and understanding how property division works in Wisconsin, you’ll also want to avoid what could be costly mistakes. This includes each of the following:
- Neglecting to address health insurance in your divorce.
- Fighting for the family home that you can’t afford.
- Giving up retirement accounts in exchange for other assets.
- Completing an inaccurate asset inventory.
- Misunderstanding how marital debts are handled during divorce.
- Failing to create a post-divorce budget.
- Neglecting to account for needed spousal support.
Given your stage of life, you may not have enough time to regenerate your wealth, including your retirement accounts. So, you’ll have to take a cautious approach to your divorce so that you don’t end up falling into a difficult financial position when all is said and done.
Don’t go into your “gray” divorce unprepared
You might want to rush the process of finalizing your divorce, but you don’t want to move so quickly that you make mistakes that jeopardize your future well-being. Instead, take the time needed to develop a strong divorce legal strategy that ensures that you recover what you deserve from your marriage dissolution. Hopefully then you can confidently walk into the next chapter of your life knowing that you have what you need to be successful.